CySEC Circular regarding EMIR
On 15th February CySEC has issued Circular No C115 regarding EMIR. CySEC reminds the Regulated Entities about their obligations under EMIR and gives an update about the latest developments in this field.
The Circular covers the clearing obligation, reporting obligation, risk mitigation techniques and the information that CySEC requests from the Regulated Entities in order to verify the extend of EMIR implementation by them.
CySEC requires all Regulated Entities to fill in the form and submit it to the electronic address email@example.com no later than Tuesday, March 8, 2016. The form is very detailed and requires information about specific OTC derivatives (covered by the clearing obligation), whether derivatives are already cleared with a CCP, to which TR are the different OTC contracts reported, what are the risk mitigation techniques in place and the current status of the record keeping.